Visa Inc., in partnership with start-up ecosystem company, KITE, is posing three real-life business challenges to the start-up community to create innovative solutions that solve Visa business problems and drive the future of commerce.
The competition, which is organised under Visa’s second annual The Everywhere Initiative, will see selected winner of each challenge receive $50,000 to be used towards the real-world production of their solution and mentorship from Visa marketing, product and technology teams over a year-long period to help bring their solutions to life.
According to the global payments technology company, The Everywhere Initiative was created in 2015 to drive strong business outcomes by harnessing the creativity and talent from within the start-up community. Last year’s contest focused on developing new marketing and communications approaches that would engage millennials and drive adoption of Visa Checkout.
This year, there are three challenges:
The Everywhere API Challenge: Use any relevant Visa APIs available through the Visa Developer Platform to build a payment solution that can drive more powerful commerce experiences for customers within an existing app or via a new app.
The Everywhere Global Events Challenge: Creatively leverage today’s popular social media channels to engage fans at Visa-sponsored events leveraging advertising technology, influencer networks and other related platforms.
The Everywhere Cardless Challenge: Imagine a world without physical cards and explain how to encourage Visa accountholders to load their Visa cards onto every digital payment platform they use.
“With payment and marketing innovation happening at break-neck speed, Visa is once again asking the start-up community for their best ideas to help move the industry forward,” Shiv Singh, senior vice president, digital and marketing transformation at Visa, says. “With Visa’s rich set of APIs and SDKs, we are especially excited to see how our open platform can help fuel additional payment innovation with this year’s challenges.”
Visa started accepting submissions for the three challenges on April 28th. Finalists will be invited to present to a panel of Visa business and technology leaders who will determine the winners of each challenge. The winning prototypes will then be showcased in Visa innovation centres around the world including Dubai, Miami, San Francisco and Singapore.